长江证券股份有限公司 2024 年跟踪评级报告 二〇二四年六月十九日 跟踪评级报告 | 2 www.lhratings.com 1 联合〔2024〕3615 号 联合资信评估股份有限公司通过对长江证券股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持长江证券 股份有限公司主体长期信用等级为 AAA，维持"21 长江 02""21 长江 03""21 长江 05""22 长江 01""22 长江 02""22 长江 03" "22 长江 04""23 长江 02""23 长江 03""23 长江 04""23 长江 05""23 长江 06""24 长江 01"信用等级为 AAA，维持"21 长江 C2""22 长江 C1""23 长江 C1""23 长江 Y1""24 长江 Y1"信用 等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 七、本报告所列示的主体评级及相关债券或证券的跟踪评级结果，不 得用于其他债券或证券的发行活动。 八、本报告版权为联合资信所有，未经书面授权，严禁以任何形式/方 式复制、转载、出售、发布或将本报告任何内容存储在数据库或检索系统 中 ...

一、培训基本情况 培训时间：2025 年 5 月 29 日 长江证券承销保荐有限公司 关于深圳市核达中远通电源技术股份有限公司 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、 法规及规范性文件的相关要求，长江证券承销保荐有限公司（以下简称"长江保 荐"）作为深圳市核达中远通电源技术股份有限公司（以下简称"公司"）持续督 导的保荐机构，于 2025 年 5 月 29 日对公司董事、监事、高级管理人员、中层以 上管理人员及控股股东和实际控制人等相关人员进行了持续督导培训。 现将本次培训的相关情况报告如下： 《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公 司募集资金监管规则》《上市公司重大资产重组管理办法》等相关法律、法规和 规范性文件，通过现场演示培训讲义和解读法规条文等形式，讲解了募集资金使 用的注意事项、披露要求和上市公司实施并购重组的相关规定等内容，同时对相 关人员的提问进行现场解答。 三、本次培训 ...

这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Group 1 - Lenovo Group's FY2025 performance is strong, with all three major business lines showing significant growth, maintaining a "buy" rating [1][2] - The IDG segment achieved revenue of 364.7 billion yuan, a year-on-year increase of 13%, with a profit margin of 7.2%. Non-PC business revenue accounted for 47% of total revenue, growing by 5 percentage points [1] - The smartphone business saw a record revenue increase of 27%, with significant growth in the Asia-Pacific region (179% year-on-year) and Europe, the Middle East, and Africa (32% year-on-year) [1] Group 2 - The ISG segment reported revenue of 104.8 billion yuan, a 63% year-on-year increase, marking a return to profitability for two consecutive quarters. Cloud infrastructure revenue exceeded $10 billion, growing by 92% [2] - The SSG segment achieved revenue of 61 billion yuan, a 13% year-on-year increase, with a high operating profit margin of 21.1%. The share of solutions and "as-a-service" offerings increased to 58%, up 4 percentage points [2] Group 3 - Lenovo's strategic focus on AIPC aligns with global trends, and the company has robust experience in managing tariff and geopolitical risks. The launch of the Tianxi personal super intelligent assistant enhances AIPC's capabilities [3] - With the expected acceleration of AIPC penetration and increasing AI server orders, Lenovo is projected to achieve net profits of $1.665 billion, $1.916 billion, and $2.214 billion for FY2026-FY2028, maintaining a "buy" rating [3]

Core Viewpoint - Lenovo Group (00992) reported impressive performance for FY2025 and Q4, with all three major business segments showing significant growth, maintaining a "Buy" rating from Changjiang Securities [1] Business Line Summary - **IDG Business Growth**: - FY2025 IDG segment revenue reached 364.7 billion yuan, a 13% year-on-year increase; operating profit margin at 7.2% - PC revenue for FY2024 grew by 11%, with market share rising to 23.7%, surpassing the second competitor by 3.6 percentage points - Non-PC business revenue accounted for 47% of total revenue, up 5 percentage points year-on-year, with smartphone revenue increasing by 27%, particularly strong in the Asia-Pacific region (up 179%) and Europe-Middle East-Africa (up 32) [2] - **ISG Business Profitability**: - FY2025 ISG segment revenue reached 104.8 billion yuan, a 63% year-on-year increase, marking a historical high and achieving profitability for two consecutive quarters - Cloud infrastructure revenue exceeded 10 billion USD, growing by 92%, with significant breakthroughs in both domestic and international markets; enterprise infrastructure revenue increased by 20% [2] - **SSG Business Solutions**: - FY2025 SSG segment revenue was 61 billion yuan, a 13% year-on-year increase, with an operating profit margin of 21.1% - Solutions and "as-a-service" offerings accounted for 58% of revenue, up 4 percentage points year-on-year [2] Strategic Outlook - The trend towards AIPC (AI Personal Computing) is seen as a major opportunity, with Lenovo's global presence mitigating tariff impacts - The launch of the Tianxi personal super-intelligent assistant at the Lenovo Innovation Technology Conference on May 8 further emphasizes the company's commitment to AIPC - Anticipated growth in AI server orders and AIPC penetration in the second half of the year supports a positive outlook, with projected net profits of 1.665 billion USD, 1.916 billion USD, and 2.214 billion USD for FY2026-FY2028 [2]

Core Viewpoint - Changjiang Securities has received approval from the China Securities Regulatory Commission for the change of its major shareholder to Changjiang Industrial Investment Group, which will become the largest shareholder with a 17.41% stake after acquiring 862,535,293 shares [1][2] Group 1: Shareholder Changes - Changjiang Industrial Investment Group will hold 962,535,293 shares, representing 17.41% of the total shares of Changjiang Securities after the transfer [1] - The total voting rights controlled by Changjiang Industrial Group and its concerted actors will reach 1,560,622,096 shares, accounting for 28.22% of the total shares [1][3] - The transfer reflects the recognition of the intrinsic value of Changjiang Securities by Hubei state-owned assets and confidence in its future development [3] Group 2: Management Changes - Key management personnel at Changjiang Securities will be adjusted alongside the shareholder change, with Liu Zhengbin appointed as the new Party Secretary and later as the Chairman of the Board [3] Group 3: Financial Performance - Changjiang Securities has shown steady growth in performance, with a net profit of 1.835 billion yuan in 2024, an increase of 18.52% year-on-year, and a significant rise of 143.76% in the first quarter of 2025, reaching 979 million yuan [4] - The company aims to enhance its core capabilities and improve management standards following the completion of the major shareholder change [4]

Core Viewpoint - The article discusses the evolution and significance of the brokerage private fund custody business in China, highlighting its growth from inception to a trillion-dollar market, and emphasizing the role of custodians in safeguarding investor interests and enhancing industry stability [2][3][4]. Group 1: Development of Brokerage Private Fund Custody - The development of brokerage private fund custody is closely linked to the improvement of private fund regulations, with the new Fund Law in 2013 marking the beginning of this business [3]. - By the end of 2023, custodians managed a total of 139,400 private fund products with an asset scale of 18.82 trillion yuan, of which brokerages accounted for over 10,000 products and approximately 5.18 trillion yuan in assets [4]. Group 2: Regulatory Changes and Industry Standards - The introduction of the 2023 Private Fund Supervision Regulations and the 2024 Private Securities Investment Fund Operation Guidelines signifies a new phase of high-quality development in the private fund industry [5]. - The draft revision of the Securities Investment Fund Custody Business Management Measures aims to optimize the custody industry ecosystem and enhance the responsibilities of custodians [11]. Group 3: Competitive Landscape and Value Creation - Brokerages are adopting low-fee strategies in the private fund custody business, but the fixed costs associated with system construction and human resources make profitability challenging [6]. - Longjiang Securities suggests repositioning custody services from basic service providers to comprehensive service providers, enhancing the value chain through upgraded services [7]. Group 4: Integration of Services and Client Needs - Brokerages are expanding service offerings to include customized solutions for private fund clients, integrating various business segments to create a one-stop service experience [8][9]. - The establishment of funding platforms and hosting events for capital matching are part of the efforts to enhance service delivery and client engagement [9]. Group 5: Technological Advancements and AI Integration - The integration of AI technology in asset custody is transforming operational efficiency and risk management capabilities, enabling automated processes and real-time risk assessment [14][15]. - AI applications are enhancing customer service through intelligent systems that provide personalized experiences and improve client satisfaction [15]. Group 6: Risk Management and Industry Recommendations - The article emphasizes the need for a multi-dimensional risk identification system within custody institutions to address complexities in private fund management [16]. - Recommendations include enhancing the regulatory framework for private fund managers and improving information exchange mechanisms among industry participants to mitigate risks [17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Changjiang Industry Investment Group Co., Ltd. to become the major shareholder of Changjiang Securities, marking a significant shift in the ownership structure of the company [2][4]. Shareholder Change - Changjiang Industry Investment Group has acquired 863 million shares of Changjiang Securities, representing 15.60% of the total shares, making it the largest shareholder [4][6]. - Following the approval, Changjiang Securities is required to complete the share transfer procedures within 30 working days and report the payment proof to the local CSRC within 5 working days [4]. Previous Announcements - In March 2024, Changjiang Securities announced that the share transfer matter had been officially accepted by the CSRC, with the agreement to transfer shares from Hubei Energy and Three Gorges Capital [5][6]. - After the completion of the share transfer, Hubei Energy and Three Gorges Capital will no longer hold shares in Changjiang Securities, while Changjiang Industry and its concerted parties will control 1.562 billion shares, accounting for 28.22% of the voting rights [6]. Management Changes - Liu Zhengbin has been elected as the chairman of Changjiang Securities, with his official appointment occurring in September 2024 [7]. - The transition in leadership is closely linked to the ongoing changes in the company's shareholder structure [7]. Financial Performance - In the first quarter of 2025, Changjiang Securities reported a revenue of 2.514 billion yuan, an increase of 88.81% year-on-year, and a net profit of 980 million yuan, up 143.76% year-on-year [7]. - As of the end of 2024, the total assets of Changjiang Securities amounted to 171.772 billion yuan, reflecting a slight increase of 0.61% from the beginning of the year [8]. Strategic Focus - For 2025, Changjiang Securities aims to enhance its wealth management transformation, strengthen its research capabilities, and expand its client base while focusing on asset management and strategic emerging industries [8].

证券代码：000783 证券简称：长江证券 公告编号：2025-036 关于本次权益变动事项，公司分别于 2024 年 3 月 30 日、2024 年 4 月 3 日、2024 年 5 月 15 日、2025 年 3 月 15 日在巨潮资讯网上 披露了《关于公司股东签署股份转让协议、一致行动协议暨第一大股 东变更的提示性公告》《公司详式权益变动报告书》《公司简式权益变 1 动报告书》《关于股东权益变动进展情况的公告》和《关于变更主要 股东行政许可申请获得中国证监会受理的公告》，具体内容详见公告。 公司将严格按照有关法律法规的要求履行信息披露义务，及时对 该事项的相关进展进行公告，敬请广大投资者理性投资，注意投资风 险。 长江证券股份有限公司 关于变更主要股东获得中国证监会核准批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，长江证券股份有限公司（以下简称"公司"或"长江证券"） 收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关 于核准长江证券股份有限公司变更主要股东的批复》（证监许可〔2025〕 1176 号）。中国证监会核准长江 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Changjiang Industry Investment Group Co., Ltd. to become the major shareholder of Changjiang Securities Co., Ltd. [1] - Changjiang Industry will legally acquire 862,535,293 shares of Changjiang Securities, which accounts for 15.60% of the total shares of the company [1]